The Marble Falls City Council and Economic Development Corporation unanimously authorized Phase 1 of a COVID-19 loan program at a special joint teleconference meeting Thursday, March 26.
The program authorizes loans to local businesses of up to $10,000 at zero interest for the first three years. The EDC Finance Committee will approve and review loan applications.
The assistance is meant to serve as bridge loans for local businesses during the COVID-19 pandemic while the federal government develops its relief program.
“I think, if you can do it for as little interest as you can, that’s going to be the most help,” EDC Director Linsday Plante said.
The program will use $100,000 of EDC funds to finance the loans. The initial amount might be increased in future phases.
“Hopefully, these businesses we’re helping can get sales tax going again,” said Marble Falls Mayor John Packer, referring to the sharp drop in sales taxes the city is anticipating after the Burnet County-issued stay-at-home order.
More information on the program and an application form are available on the EDC website.